Buy To Let Updated:
New measures were announced earlier this week that would offer families longer term, fixed tenancies to provide much-needed security whilst avoiding unnecessary fees.
Communities Secretary Eric Pickles announced the plans on Tuesday, with these improved tenancies being intended to offer a measure of stability whilst driving up standards in the private rental market and giving tenants the power to demand a better deal from landlords and letting agents.
As part of the package, families will be able to request longer tenancies which landlords will be expected to uphold. Tenants will also have access to better information and they'll be able to benefit from greater transparency in terms of letting agents' fees too, meaning they'll know the full cost of the arrangement before they sign up.
The system is intended to benefit landlords as well as tenants, as the longer contracts mean neither party will have to arrange or pay for frequent contract renewals.
It's hoped that it'll attract new investment in the sector too, particularly in conjunction with the new £1bn Build to Rent Fund and the £10bn of Government-backed guarantees in the sector, ultimately providing more choice and better quality for tenants whilst driving out rogue landlords.
Commenting on Tuesday, Mr Pickles said: "The private rented market is a vital asset to this country, and [the] last thing we want to do is hurt hard-working tenants by increasing costs and strangling the sector with red tape.
"But families deserve stability for their children, and all tenants deserve a good and transparent service from their landlords and letting agents.
"Today's proposals will raise the quality and choice of rental accommodation … and give tenants the confidence to request longer fixed-term, family-friendly tenancies to meet their needs."
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